Smart Agriculture Market Analysis, Growth By Top Companies, Trends By Types, Technology And Forecast by 2027

Smart Agriculture Market by Type (Precision Farming, Livestock, Aquaculture, and Greenhouse), and Component (Solution, Service, and Connectivity Technology): Global Opportunity Analysis and Industry Forecast, 2021-2027".As per the report, the global smart agriculture industry was pegged at $16.74 billion in 2019, and is projected to reach $29.23 billion by 2027, growing at a CAGR of 9.7% from 2021 to 2027.

The technologies evolved in smart agriculture are used in remote research stations and refugee camp in flooded or earthquake affected areas. In such cases, various growth mechanisms used in agriculture help for artificial growth of crop in controlled environment. Moreover, the use of Internet of Things in components used in agriculture reduces the human intervention and tracks the growth of the crop. This in turn, reduces the labor cost and material wastage. Furthermore, farmers are adopting smart agriculture across the globe to maintain, monitor, and control proper soil moisture for better plant growth, quality, and overall yield, which is the major factor that drives the growth of the smart agriculture market. However, in developing nations like India, Brazil, and China, despite of technological advancement there is less attentive toward smart agriculture market trends.

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Moreover, current condition of agriculture is not satisfactory to produce maximum crop because of lack of skilled workforce and awareness among farmers regarding smart agriculture technology. In addition, farmers who are skilled are not ready to do farminsg and they are moving toward metro cities for the sake of job. Furthermore, there is no clear and unambiguous direction available in terms of financial and technical support from the Centre to the Panchayat levels which can provide full guidance or knowledge of using smart agriculture tools. Hence, lack of technical support and awareness among farmers is restricting the growth of the smart agriculture market.

By type, the precision farming segment held the largest share in 2019, accounting for more than two-fifths of the global smart agriculture market, due to increasing revolution of technology in the field of precision farming and benefits of precision farming from service and product perspective. However, the greenhouse segment is expected to manifest the highest CAGR of 12.4% during the forecast period, owing to benefits of smart greenhouse such as maintaining a micro-climate environment for cops, minimizing manual intervention, and optimizing the yielding process.

By component, the service segment is expected to register the highest CAGR of 11.1% during the forecast period, as it helps farmers in decision-making about the next steps to take with their farm operation and use data gathered by sensors for better crop production with low cost. However, the solution segment held the largest share in 2019, contributing to nearly three-fifths of the global smart agriculture market, as it helps in enhancing the yield production by doing monitoring of water quality, nutrient & mineral quality.

By region, the market across North America is expected to manifest the highest CAGR of 12.1% during the forecast period, due to surge in population, improved lifestyle across the region, and technological advancements in crop production. However, the global smart agriculture market across Asia-Pacific held the largest share in 2019, accounting for more than one-third of the market, owing to surge in adoption of smart agriculture and rise in disposable income to invest in farming in the region.

The key players operating in the smart agriculture market analysis include Trimble Inc., Deere & Company, Topcon Positioning Systems, DeLaval Inc., AgEagle Aerial Systems Inc., Afimilk Ltd, Raven Industries, Inc., Ag Junction LLC., AGCO Corporation, and GEA Group.

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COVID-19 scenario:
Lack of laborers, increased need for improved yield, and disruption in farm operations due to regulations regarding social distancing have increased the demand for smart agriculture. The COVID-19 pandemic has encouraged digitization of farms and integrating internet of things (IoT)in farm activities to maintain the health of crops and monitor livestock without involving labors.

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